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Renters Insurance Information
For Cleveland, Beachwood And Areas Across Northeast Ohio
Statistics show that about one-third of households in Ohio are occupied by renters, and these renters spend approximately 20 percent of their income on rent itself. Though you might not own a rental home, it's still an investment, and you have to protect your own interests as soon as you sign a lease. Renters insurance is an important safeguard that renters must buy, to succeed in this way.
Busha-Okeson Insurance offers trustworthy, expert insurance assistance for renters throughout Cleveland and Northeast Ohio. Our diverse policy offerings offer competitive rates and allow every rental tenant to find the appropriate coverage for them and their family in their home.
How Does Renters Insurance Work?
A rental home is just as important to the tenant as it is to an actual property owner. When you sign a lease, you have a reason to carry insurance for the risks and liabilities you face on the property. It can help you cover costs arising from personal losses or mistakes that may or may not be your fault. Therefore, your lifestyle will remain secure throughout your time in the rental home.
How Much Renters Insurance Do I Need?
Most renters policies offer several essential types of coverage that are targeted to tenants:
- Contents: This coverage insures your personal belongings — such as furniture, clothing and electronics.
- Loss Of Use: Should you have to move out of a rental home after a hazardous event — such as a fire — this coverage can help you pay for hotel bills, dining costs and even temporary relocation costs.
- Personal Liability: If you cause unintentional bodily injuries or property damage to someone else — either inside or outside the rental home — this coverage can pay for that person’s losses.
- Legal Assistance: If liability claims lead to lawsuits, this coverage can help pay your legal fees.
- Medical Payments: if someone gets hurt in your home, you may not be at-fault for the accident. This coverage can help you compensate that injured party, regardless of fault.
These are just the basics. You might also want additional coverage that, while often not included in a standard policy, can provide additional protection:
- Replacement Cost Contents Coverage: Most policies only pay an item's market value at the time it gets damaged. This rider can expand coverage to insure items for their like-new values.
- Scheduled Property Coverage: Particularly expensive items — such as jewelry or art — might not be insurable under standard contents limits. This coverage can insure those items separately.
- Water/Sewer Backup Coverage: If plumbing problems flood the home, this coverage pays for your belongings.
- Flood Insurance: Rental homes in flood-prone communities might need this coverage because standard policies don’t insure flood damage if it is caused by weather events.
- Personal Umbrella Coverage: People buy these policies because they can provide additional coverage if a claim ever exceeds the limits of another liability policy. A single umbrella policy can apply to renters and other policies like car insurance or marine coverage.
Expanded coverage often can be purchased as riders on your renters insurance, or you might have to buy separate policies. Speak to your Busha-Okeson Insurance agent about the best way to get this additional protection. Our job is to make sure you get a policy that covers all of your insurable risks, without burdening you with coverage that isn't your best fit.
Renters Insurance Frequently Asked Questions
What is not covered by renters insurance?
Notably, renters insurance doesn't include structure coverage for the rental house itself. That's because the property belongs to the landlord, and it's their job to insure it. However, if you damage the rental home accidentally, your liability coverage can pay the landlord for the necessary repairs.
Your policy might also exclude various possessions from coverage. It might also exclude certain liability damages if you caused that damage intentionally or criminally. Talk to your Busha-Okeson Insurance agent about the ways to expand your coverage to get the most-effective protection.
Can landlords require renters insurance?
You might need to present proof of coverage (a certificate of insurance) before you can begin to move into a rental home. Most landlords require proof of insurance.
Do both roommates need renters insurance?
It's best for roommates who aren't related to each other to have separate insurance policies. This ensures that each keeps their belongings and liabilities insured separately. It can often help prevent disputes and hassles when making claims.
How much does renters insurance cost per month?
Renters policy costs vary considerably based on such factors as the location and age of the property, the tenant's credit score, and their history of insurance claims. However, policies are usually very affordable, and many cost less than $25 per month. Let one of our agents help you maximize your policy savings.